FFJ Portfolio – February 2025

Another month has flown by thus triggering this FFJ Portfolio - February 2025 report; all monthly reports are accessible here. Purchases  In February, I deployed $105,188 and made the following purchases in the FFJ Portfolio. Becton Dickinson (BDX) 100 shares @ ~$226.86 on February 6. My BDX exposure within a 'Core' account in the FFJ [...]

By |February 28th, 2025|FFJ Portfolio Holdings|Comments Off on FFJ Portfolio – February 2025

Agilent Near-Term Headwinds Present A Buying Opportunity

I last reviewed Agilent (A) in this November 27, 2024 post at which time the most current financial information was for Q4 and FY2024. With the recent release of Q1 2025 results and an update to the FY2025 outlook, I revisit this existing holding. In my prior review, I state that if A's share price [...]

By |February 28th, 2025|Equity Investing|Comments Off on Agilent Near-Term Headwinds Present A Buying Opportunity

HEICO Continues To Fire On All Cylinders

In this September 2019 post, I disclosed a new position in HEICO position with the purchase of 300 shares @ ~$99/share in one of the 'Side' accounts in the FFJ Portfolio. What prompted me to analyze this company was an article entitled The Greatest Investor You’ve Never Heard Of: An Optometrist Who Beat The Odds [...]

By |February 27th, 2025|Equity Investing|Comments Off on HEICO Continues To Fire On All Cylinders

Increased Zoom Communications Exposure

I last reviewed Zoom Communications in this November 26, 2024 post at which time I pointed out how stock-based compensation (SBC) distorts the company's Free Cash Flow (FCF). FCF is a non-GAAP metric. How companies calculate FCF is, therefore, inconsistent. ZM, for example, merely deducts capital expenditures (CAPEX) from its Net cash provided by operating [...]

By |February 25th, 2025|Equity Investing|Comments Off on Increased Zoom Communications Exposure

The Importance Of Risk Assessment

One of the books listed in the Books section of this blog is Peter L. Bernstein's Against the Gods: The Remarkable Story of Risk. In this book, Bernstein delves into the importance of risk assessment. It traces developments from ancient times to the modern financial era and emphasizes the critical role of risk assessment in [...]

By |February 23rd, 2025|Education|Comments Off on The Importance Of Risk Assessment

Master Your Mindset

Investing is difficult unless you master your mindset. The math component of the investing process is not what makes investing difficult. The difficulty lies in our ability/inability to control our emotions. Investing requires us to understand how we react in various situations. After having invested for almost 4 decades, I distill my approach to investing [...]

By |February 22nd, 2025|Education|Comments Off on Master Your Mindset

Wide Moat Copart Continues To Impress

When I published my Copart Is A Great Company. Can't Say The Same For Its Valuation post on November 24, 2024, shares were trading at $62.70. Following the February 20, 2025 market close, CPRT released its Q2 and YTD2025 results. After reviewing its results, I acquired an additional 400 shares @ ~$56.29 in a 'Side' [...]

By |February 21st, 2025|Equity Investing|Comments Off on Wide Moat Copart Continues To Impress

BlackRock CEO Comp Includes A Carried Interest Incentive

In my recent Carried Interest Is A Hidden Gem post, I include an excerpt from Bruce Flatt's (CEO of Brookfield Corporation) February 13, 2025 Letter To Shareholders in which he explains Carried Interest and why it is a hidden gem. Coincidentally, on February 14 2025, BlackRock (BLK) communicated its Board's decision (see Form 8-K) to [...]

By |February 15th, 2025|Equity Investing|Comments Off on BlackRock CEO Comp Includes A Carried Interest Incentive

Rollins Expands Access To Capital

Rollins (ROL) intends to double its revenue over the coming decade. This will require access to the capital markets. This now becomes possible with the assignment of investment-grade corporate credit ratings from Fitch and S&P Global. I last reviewed Rollins (ROL) in this April 30, 2024 post at which time the most current financial information [...]

By |February 14th, 2025|Equity Investing|Comments Off on Rollins Expands Access To Capital

Carried Interest Is A Hidden Gem

I now pay considerably more attention to the tax implications of my investment decisions. Gone are the days where I looked forward to receiving dividend income. Our circumstances may differ, and therefore, my decision to significantly reduce dividend income may not align with your objectives. Furthermore, the tax treatments of different forms of investment income [...]

By |February 14th, 2025|Education|Comments Off on Carried Interest Is A Hidden Gem
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